MEXICO CITY -- Foreigners may be fleeing emerging markets, but companies here are taking advantage of a world-wide correction to buy back shares on the cheap. With share prices on Mexico's stock exchange near their lowest levels in eighteen months, the smart money says "accumulate."

Over the past month, a dozen Mexican blue-chips have repurchased some $200 million worth of their own shares, according to reports filed with Mexico's stock exchange. That's against an average daily trading volume of $100 million...